金融监管演进的制度逻辑与中国的选择——基于对美国监管制度变迁的思考

金融监管的制度演进遵循着特定的发展路径,十八世纪末至今美国金融体系所经历的冲击和变革,以及因此带动的金融监管体制演变,是研究监管制度变迁的重要背景与素材。2008年金融危机的发生使看似完善的美国金融监管制度受到了空前挑战,也促使新的一轮监管改革全面启动。此轮改革不但重塑了美国国内金融业发展模式和监管体制,还将对全球金融体系的未来走向产生持续影响。我国应当从美国金融监管的历次变革中汲取经验教训,适时推动我国监管体制改革以适应金融业发展需要。

Institutional Logic of the Evolution of Financial Supervision and the Choice of China——Based on the Reflections on the Evolution of American Financial Supervision System

The institutional change of financial supervision follows its own specific development path. From the end of the 18 th century to now, the impact and reform undergone by the American financial system,and the institutional evolution of financial supervision are the important background and material to study the institutional change of financial supervision. The occurrence of financial crisis in 2008 posed unprecedented challenge to the seemingly perfect American financial supervision system and promoted the overall start of a new round of supervision reform. This round of reform in US has not only reshaped the development mode and supervision system of financial sector in US,but also has produced a continuous impact on the future direction of global financial system. China should draw on the experience and lessons from the historical changes of American financial supervision,timely push forward the reform of supervision system to adapt to the financial industry development needs, and actively participate in the establishment of international supervision rules.